LendingClub IPO Means a Payday for Summers, Mack

The transcript discusses the involvement of former Morgan Stanley CEO John Mack and others in Lending Club, a leading peer-to-peer lending platform. It highlights the potential financial gains from Lending Club's upcoming public offering, as reported by the Financial Times. Lending Club has facilitated over $6 billion in loans by connecting borrowers with lenders online. Both Summers and Mack are board members with equity in the company.

Who is mentioned as a former CEO of Morgan Stanley in the context of Lending Club?

• Jamie Dimon

• Larry Summers

• John Mack

• Warren Buffett

What is the expected financial outcome for board members when Lending Club goes public?

• They will make a few thousand dollars

• They will break even

• They will make tens of millions of dollars

• They will lose money

According to the Financial Times, what significant event is Lending Club preparing for?

• A merger with another company

• Going public

• Launching a new product

• Closing down

What is Lending Club's primary business model?

• Traditional banking

• Peer-to-peer lending

• Cryptocurrency exchange

• Stock trading

How much in loans has Lending Club facilitated so far?

• $6 billion

• $1 billion

• $10 billion

• $3 billion